Capital markets regulator Sebi has amended rules making it mandatory for at least one key personnel within an investment team of an Alternative Investment Fund (AIF) manager to obtain requisite certification. The new requirement is aimed at boosting competency and professionalism in the AIF space. In a notification dated May 10, Sebi said, "At least one key personnel, amongst the associated persons functioning in the key investment team of the Manager of an Alternative Investment Fund, shall obtain certification from the National Institute of Securities Market (NISM) by passing the NISM Series-XIX-C." To give this effect, the Securities and Exchange Board of India (Sebi) has amended AIF rules. The new rules have been made applicable from the same date. Through this requirement of certification for key personnel, the capital markets regulator is looking to ensure a higher proficiency in managing AIFs. Last month, Sebi announced that certain changes in the private placement memorand